United States stocks plunge further, Dow drops 830 points

USA stocks are tumbling for a second straight day, with the Dow Jones industrials falling as much as 2.5 per cent and the benchmark S&P 500 suffering a similar decline.

But stocks have been under pressure since the yield on 10-year US Treasury bonds jumped above three percent last week, a sudden move that raised fears of an overheating economy, speeding inflation and more aggressive Federal Reserve interest rate increases. Boeing lost 4.7 percent to $367.47 and Alphabet, Google's parent company, gave up 5 percent to $1,081.22.

The S&P 500 fell more than a percent, while the Nasdaq fared slightly better. That's still sharply higher than it was about a week ago, and earlier this week the yield on the 10-year note reached its highest level since mid-2011. The S&P 500 slipped 55 points, or 2 per cent, to 2,730. The Kospi in South Korea fell 3.6 percent to 2,148.97. The Nasdaq composite, which has a high concentration of technology stocks, tumbled 316 points, or 4.1 percent, to 7,422. "This meltdown isn't just a mild case of the sniffles suggesting the latest sneeze from the USA equity market could morph into a global markets pandemic".

"People fear building prices into the system, both from China trade problems, other tariffs the US has put into place, wage pressure, and today there is a little bit of concern about what the Hurricane in Florida could do to energy prices".

Shares in Facebook and Apple also fell more than 1 percent each. The Russell 2000 index of smaller-company stocks shed 37 points, or 2.3 per cent, to 1,584.

The price of the bond with the lower interest rate, known as its coupon, will fall enough to raise the yield to mirror the higher rate. Higher rates can slow economic growth, erode corporate profits and make investors less willing to pay high prices for stocks.

The increase in yields from these bonds - which are parcels of U.S. government debt - can hurt stocks since they will provide competition for investors' cash. Amazon and Alphabet, respectively the second- and fourth-most valuable USA companies, are in what's known as a "correction", a drop of more than 10 percent from a recent peak. The index has declined 6.7 percent during its current losing streak.

Imf Warns Of 'somewhat' Greater Global Financial Risk
The global body, in its World Economic Outlook, also downgraded its growth forecast for India for 2019-'20 from 7.5% to 7.4%. The Trump administration has penalized almost half of all imports from China and has threatened more for the other half.

Rescues, damage in Florida after hurricane — WHAT’S HAPPENING
Vance Beu, 29, was staying with his mother at her home at Spring Gate Apartments, a complex of single-story wood-frame buildings. Michael hit the Florida panhandle as a Category 4 hurricane Wednesday afternoon, with 155 miles per hour winds and heavy rain.

Trump welcomes Kanye West to the Oval Office
He's a smart cookie. "Only after 2024", West added. " I love this guy ", Kanye declared in the Oval Office. West said that he brought a newly designed hat that simply stated: "Make America Great".

Banksy pranks auction as artwork shreds itself
Banksy works including Slave Labour are due to go under the hammer and auctioneers have promised no items will "shred or explode". Sotheby's Senior Director Alex Branczik reacted to the self-destruction of the canvas saying: "It appears we just got Banksy-ed".

Trump signs bills on day of Kanye West's visit
Kanye was The White House when President Trump signed the 2018 Music Modernization Act (MMA), which was passed by U.S. The President then reportedly said after Kanye's speech, "He can speak for me any time he wants. he's a smart cookie".

Huawei teases Mate 20X with gaming features
New renders have appeared online showing off what we might see when the Huawei Mate 20 arrives. For an instance, final retail price of the Mate 20 Pro could climb at around $1,060 to $1,100.

Hurricane Michael brings devastation to Florida
Residents of the neighboring state of Georgia should also expect to be heavily impacted by the storm, the FEMA head said. At the White House, President Donald Trump said, "God bless everyone because it's going to be a rough one", he said.

Hurricane Michael left path of destruction, isn't done yet
A scary note in this advisory from the Hurricane Center is that "some additional strengthening is possible before landfall". The neighbor said all the docks in the area are destroyed, the roads are impassable and everyone is stuck in their homes.